Seychelles-based derivatives exchange BitMEX has announced the launch of the MEMEMEXTUSDT Cart Index Perpetual Swap.

This new product is designed to provide traders with exposure to the top meme cryptocurrencies on the market through a single contract.

MEMEMEXTUSDT by BitMEX

Dubbed the "S&P500 for meme cryptocurrencies", this new product will allow traders to speculate on the overall performance of popular meme cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) ), as well as new entrants such as Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), Brett (BRETT), Bonk (BONK), Book of Meme (BOME), Memecoin (MEME), and Mog Coin (MOG).

According to the official post, this contract is secured by USDT and will offer up to 25x leverage. Each contract is equivalent to 0.0001 MEMEMEXT, with a lot size of 1000. The maker fee is -0.015%, and the taker fee is 0.075%. Meanwhile, the basic initial margin requirement stands at 4.00%, and the basic maintenance margin is 2.00%.

With this Cart Index Perpetual Swap, traders can diversify their risk and invest in a segment of the cryptocurrency industry instead of individual tokens.

Announcing the new product, BitMEX CEO Stephen Lutz said,

“We know that a lot of serious crypto traders have refused to participate directly in Meme Cryptocurrency. For good reasons. Volatility, short cycles, liquidity in some currencies. BUT... what if you could trade a cart and be fully secure with insurance funds and not need to convert your USDT and/or Tier1 crypto to Meme Cryptocurrency? Perhaps, you will want to join.”